All Forum Posts by: Brian C.

what areas would you recommend for value for MF? @Twana Rasoul

thanks @David M. . So if we update the operating agreement to have access to 1/3 of profits related to property 6 a K1 could be created? We keep things simple so there is really no confusion on the management of the situation, just the end of year book keeping. Lesson learned for next time.  

@Randall Alan - thanks for the reply

I would prefer not to take an ownership stake in the LLC. Can a quit claim be completed if it remains in the existing LLC? Can a K1 be created just off the numbers for that property?

Hi everyone, 

Would appreciate any insights. I currently live and rent in Costa Mesa. I think for work related purposes the potential for relocation is high in the next 1-3 years, but having lived in SoCal for 7+ years I always want to have a connection here. 

My thought is to buy a condo 2/2 in the low 3's obviously live there and rent if I do relocate. If I break even on expenses and build equity that would be a win for me. Was thinking in the Costa Mesa / Santa Area. 

A little about me - relatively high income with access to FHA and VA lending, but modest on cash due to grad school. Can do my own sweat equity!

Question 1 - Given this wouldn't be beach vacation rental any experience on short-term demand? Or would I have to just do standard long-term. Obviously, short gives me flexibility to work from home?

Question 2 - Any thoughts on the approach. I could afford higher, but rather save some cash / debt capacity for less expensive markets.  

Question 3 - Any market considerations I should know about?

Thank you,

Brian 

Hello,

Seeking some advice on a nuanced situation. My uncles have an LLC with 5 SFH rentals and split 50/50. On home 6 I joined the mix and we all have 1/3 stake in home 6. In reality, we track and split all cash flows related to home 6 so its pretty straightforward. Our CPA for last year wasn't sure the best way to tackle it. Any advice?

Thank you in advance.

Brian